If you work in the professional services industry then you likely have heard the buzzword, Fintech over the years. Fintech, or businesses that combine financial Checking Account Verification Services with technology, have become somewhat of a phenomenon in recent years. These companies, often from Silicon Valley, are sleek, modern businesses that approach the finance industry with sophisticated technology to optimize business financing processes such as payments, banking, and more.

As Fintech companies continue to pop-up around the country, the reliance on technology will only grow as well. Small businesses and independent retailers have started to lean on these Fintech companies to help their business better their financial affairs.

With all of the uncertainty that the pandemic has caused, it can feel like the future of your business is out of your control, but that is not the case. While outside events such as a health epidemic are impossible to predict, there are steps you can take to reduce the impacts the outside world has on your business. Right now, and into the future, companies who lean on Fintech offerings to enhance their business practices will be better prepared to face whatever is thrown their way.

Cloud Accounting

When a business first starts, almost every process is usually handled by the founder and maybe one or two other co-founders. Every decision, conversation, and problem are handled by a few important people, but as a company grows these individuals must give up some responsibility.

Your business may be approaching this exact situation. When companies decide that they can handle everything internally or on their own, it can be dangerous and costly. Not every business Checking Account Owner Authentication will be an expert on each and every factor of running a business. Outside help is necessary if you want to continue to grow.

In years past, when a company got larger, they would hire more employees. Today that is not the only route available for your business to explore. Software offerings have allowed business owners to keep employee counts low even though their business needs are growing.

Cloud accounting software has become one of the most popular SaaS available to small businesses. Accounting software is great for businesses of all sizes and can be customized to fit your business needs. These accounting platforms will help your business:

  • Save time with accounting automation
  • Access all of your company’s financial data from any supported device at anytime
  • Make collaboration easier across departments and sister companies
  • Improve your financial efficiency

Another huge draw of using an online accounting service is the unparalleled tech-support that they often offer. If your business has any financial needs or questions at any point, an agent is just a phone call or email away.

Always Room To Improve

Remember that while you may know your company the best, you may not have the skills required to do every job associated with your business. Leaning on Fintech offerings for assistance with your business’s finances does not mean that you are a bad leader. In fact, using the tools and others around you to do the job the best way possible is a sign of an excellent owner.

There is always room for improvement and this is especially true when it comes to owning a business. Make sure to read up on industry trends and remain plugged into the Fintech world; you never know what company may be able to help your business out.We are also read for Why Hire Pros For Aluminum Replacement Windows?

Online Business Loans

As you look for ways to keep your business financially safe in the future, be mindful of your access to business loans and other capital solutions. If your business is looking to invest in any of the tools we have mentioned so far, or are looking to expand in another way, a business loan likely will be necessary.

Business loans are a great way to provide the money necessary to fund a new project, keep your business afloat, or even purchase a new piece of equipment. When exploring business capital solutions, be mindful of the terms and agreements each lender offers. Be sure to shop around for the perfect business loan that fits your company’s capital needs.

5 Ways Fintech Businesses

Online small business loans have become an increasingly popular option in the business financing space. Currently, online lenders are worth looking into if you do not already have a relationship with a physical bank, as you can get approved for funding from the comfort of your own home.

When applying for a business loan, remember to have some different financial and proof of identification documents available. Knowing your business credit score is a must as well. If you feel overwhelmed when it comes to business financing options, consider meeting with a financial advisor in your area who can give you a brief overview of each type of capital solution available.

Optimize Payments

As business becomes more integrated online, the way in which businesses collect payments must be optimized for online use as well. An easy way to ensure that your company has an effective purchasing experience is to utilize a payment integration company.

Payment processing companies can help diversify your business’s payment offerings and ensure both you and your customers a safe and secure payment process. No matter what industry your business is in, a payment processing company can help.

If your company has an unsecured, clunky payment process, it may cause your customers to look elsewhere for a similar product or service. Having an unsecured and inefficient way of billing your customers could cost your company tons of money in the long run. When investing in a payment processing company, be sure to do your research. Different companies will offer different payment solutions and what might fit for one company may not work for yours.

When looking into payment processing companies, make sure to ask yourself a few questions, including:

  1. Does your company accept global payments? Or just nationwide?
  2. Are you interested in exploring more technological-advanced payment options such as IVR?
  3. Do you want to give your customers the option to pay with their checking account via an ACH payment? Or just stick with credit card payments?

If you have any further questions, or just want to learn more about the different nuances of online payment processing, contact us today!